Clifford Joseph Harris, AKA T.I., AKA The Rubberband Man now turned Crypto Scam-Man, has been charged in a Federal Cryptocurrency fraud scheme uncovered by the S.E.C.
In 2017, T.I. sold cryptocurrency tokens using his Twitter account and encouraged his followers to invest in the 2017 FLiK initial coin offering. He also falsely claimed to be a part-owner, the agency said. The coin was actually owned by "film producer" Ryan Felton, accredited to countless short films and the yet-to-be-released and soon-to-be instant classic, 4th and 14; the story of a fantasy football champion hired by a desperate pro team to be the head coach. The catch... SHE'S 14!?!
Felton was also the mastermind behind the failed promise to build "Netflix on the blockchain".
The coin flopped, obviously, and Felton was found to be using the profits from tokens sold through T.I. and other rat holes to pump the price of another coin, SPARK, that he had ownership in as well. The complaint filed by the SEC also alleges Felton used profits to buy jewelry, a new home, a Ferrari, and "other luxury goods."
Without an admission of any wrongdoing, T.I. has agreed to pay $75,000 in a settlement. The 39-year-old will also sit out similar digital asset securities sales for the next five years – a devastating blow to Akon’s Akoin who was probably counting on T.I. for investment.
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